Monday, 03 August 2020

The Bitcoin Spring is Coming

Bitcoin jumps over night not April Fools

After the dawn and a crypto winter endured, spring returns. Bitcoin briefly touched the $5,000 mark on the Luxembourg-based Bitstamp exchange.

The price of the world’s largest cryptocurrency bounced more than 15 percent higher to almost $4,800, reaching its highest levels since November, 2018. The main digital asset has added over $14 billion to its market value in the last 24 hours. That’s not nothing.

Bitcoin is up 15% in the Last 24 Hours

Bitcoin is up 15% today in what looks like a bull market all of a sudden for crypto, as of April 2nd, 2019.

I’m bullish on the impact of the likes of Bakkt on crypto prices in 2019 among other factors. The reason for the sudden price jump wasn’t immediately clear, though it’s a rare moment when CNBC itself publishes something positive about Bitcoin which has itself been known to move crypto markets.

Crypto prices are more tethered to Bitcoin than cannabis stocks move as a group on Wall Street, which is saying a lot.

“Bitcoin’s break above $4,200 this morning was critical, as the market had been watching that level for a while,” Mati Greenspan, senior market analyst at trading platform eToro, told CNBC.
Bitcoin fell over 76 percent in 2018
Bitcoin moving above the $4,500 mark is seen as pivotal for breaking the pattern of the last few months.

This as Bitcoin fell over 76% in 2018 alone after massive hype and momentum.

In this case, the trigger was likely through volume-led price action driving the price and triggering algos on a breakout. How do you even read Bitcoin’s price anymore? Its 200-day moving average, is currently situated at $4,600 USD.

Bitcoin, the most popular cryptocurrency in the world still gets me excited when it hops. Moreover the crypto winter has been painful for many of us who are involved in the industry.

Now we know a private stablecoin renaissance is coming and cryptoeconomics is going to create a tokenization utopia. How many of these 2,000+ altcoins will truly survive the new global economy?

This is no moonshot crypto spring, a lot has to happen before Bitcoin can rejoin its former glory. Bitcoin’s price has become less volatile though, which is interesting and makes a 15% jump that much more noteworthy in 2019.

Bitcoin April Fools

- The gains ran bitcoin to a market value of more than four times that of Ethereum.
- Bitcoin’s jump was up as much as 23%, and I’m happy to see it.
- Reuters suggests a mystery buyer is seen as a catalyst for this move.

The internet even seriously entertained the idea this was an April Fool’s prank. Got to love memes and crypto fluff.

Investors in the digital currency saw its price explode in 2017 as crypto mania swept over the world. A lot has happend since 2017, but there’s a case for a Bitcoin Spring in 2019 or 2020.

Oliver von Landsberg-Sadie, chief executive of London-based cryptocurrency firm BCB Group, said the move was likely triggered by an algorithmic order worth about $100 million spread across major exchanges — U.S.-based Coinbase and Kraken, and Luxembourg-based Bitstamp.

There was $415 million (R6 billion) worth of short positions that the market might have been eager to bet against, said George McDonaugh, CEO and Co-Founder of KR1, a London cryptocurrency and blockchain investment company.

Wow there, calm down Bitcoin, spring is not yet here.

By Michael K. Spencer
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